ECON 13 Study Guide - Midterm Guide: Jared Diamond, Demand Curve, Electricity GenerationExam
Course CodeECON 13
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IS and Econ 13 - First Midterm Examination
key (Correct answers are starred “*”)
S. Skaperdas – January 30, 2013
Fill in your scantron, INCLUDING YOUR
There are 35 questions in the exam. Questions
1-2 are worth 1 point each. Questions 26-35 are
worth 2 points each.
1. Suppose that, at a particular price, quantity
demanded is 500 and quantity supplied is 300.
Then, we should expect the price in this market
a. Go up because there is excess
b. Go down because there is excess
c. Go up because there is excess supply.
d. Stay the same.
e. Go up or down, depending on whether
there is excess supply or excess
2. In 2011, which one of the following
countries had the highest GNI per capita (at
3. According to Jared Diamond in Guns, Germs,
and Steel, the most dominant civilizations
emerged in Eurasia because
a. the people were on average smarter
b. there were fewer animals and plants that
were available for domestication there.
c. the propagation of agriculture along an
East-West axis was easier.*
d. Eurasians were better hunters and
e. c and d.
4. In 19th century U.S. the largest industry was
b. Electricity generation
d. Computer electronics
e. The internet
5. Which one of the following is NOT a
characteristic of the SECOND industrial
a. The spread of serfdom.*
b. Growth of joint-stock companies or
c. High level of division of labor.
d. Vertical integration of economic
e. Growth of bureaucracies.
6. Two centuries ago, life expectancy at birth
a. higher than 40 years in all the countries in
b. lower than 40 years in all the countries in
c. higher than 50 years in all the countries in
d. lower than 50 years in all the countries in
e. lower than 30 years in all the countries in
7. A point outside a production possibilities
a. indicates that some resources are
b. is unattainable for production
c. is worse than points on the production
d. implies that too much capital and not
enough labor are used.
e. None of the above.
8. An increase in incomes
a. shifts the demand curve to the right.*
b. shifts the demand curve to the left.
c. causes a movement along the demand
d. implies no change in the demand curve.
e. causes a movement along the Supply
9. A private good is:
a. excludable and non-rivalrous in
b. non-excludable and non-rivalrous in
c. excludable and rivalrous in consumption.*
d. non-excludable and rivalrous in
e. none of the above.
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